Income Tax Return Filing for FY 2021-22 i.e AY 2022-23 – Know about deadlines

Financial Year 2021-22 has ended and everybody is now to file of ITR for the year. Income Tax Department has already notified various ITR forms. Filing of ITR on or before the due date is very important for every taxpayer to avoid the levy of LATE Filing fees. The deadlines for ITR filing for various assessees including individuals, HUFs, LLPs, firms & companies for the A.Y. 2022-23 (FY 2021-22) are as per the table below.

As per the present scenario, since the pandemic has not infected the working of a common man, nor the glitches on the website are plenty, there are no chances that the government extends the due date. It is advisable to file the return well before the due date for speedy processing of the ITR and to avoid the last-minute hustle.

Requests to all please come forward at earliest with all details for filing the Income tax return and co-operate.

Thanks

CA RAJU SHAH

RCSPH & Associates

CHARTERED ACCOUNTANTS

ITR Due date chart for AY 2022-23

Category of TaxpayerDue date of furnishing Audit ReportDue date of filing ITR
Individuals & HUFs (Non-Audit Cases) 31st July 2022
Individuals & HUFs (Tax Audit Cases)30th September 202231st October 2022
Partnership Firms (Non-Audit Cases) 31st July 2022
Partnership Firms (Audit Cases)30th September 202231st October 2022
Partners (where the partnership firm is subject to audit) 31st October 2022
Limited Liability Partnership Firms (Non-Audit Cases) 31st July 2022
Limited Liability Partnership Firms (Audit cases)30th September 2022 (Tax audit)31st October 2022
AOP/ BOI 31st July 2022
Trusts, Colleges & Political Parties (Audit Cases)30th September 202231st October 2022
Trusts, Colleges & Political Parties (Non-Audit Cases) 31st July 2022
Companies including private limited companies & OPC30th September 2022 (Tax Audit)31st October 2022
Report to be furnished under section 92E of the Income Tax Act31st October 202230th November 2022
Revised Return/ Belated Return 31st December 2022
   

TDS / TCS – FORM 15G – 15H Compliances

TDS for the month of March 2022 is to be paid on 30th April 2022

Form 15G – 15H taken for the FY 2021-22 obtained before March 2022 is to be submitted on or before 30th April 2022

To avoid interest and penalty on TDS / TCS and FORM 15G – 15H compliance pay due TDS/TCS on or before 30th April 2022 and file Form 15G-15H on or before 30th April 2022.

For any guidance/assistance call office Mobile No. 93745 36342

ADVANCE TAX 1st Instalment

Advance Tax: AY 2023-24

For the financial year 1.04.2022 to 31.03.2023 i.e. AY 2023-24 :

The First Installment of ADVANCE TAX for the FY 2022-3 is due on 15.06.2022

15% of the estimated tax is to be paid on or before 15.06.2022

Pay on time and avoid levy of penal interest.

If advance tax is to be paid Contact at office Mobile No. 93745 36342 for CHALLAN at the earliest.

CA Raju Shah

Advance Tax: AY 2022-23

For the financial year 1.04.2021 to 31.03.2022 i.e. AY 2022-23 :

Third Installment of ADVANCE TAX for the FY 2021-22 is due on 15.12.2021

75% of the estimated tax liability is to be paid on or before 15.12.2021.

Pay on time and avoid levy of penal interest.

If advance tax to be paid Contact at office Mobile No. 93745 36342 for CHALLAN at the earliest.

CA Raju Shah

ADVANCE TAX 2ND INSTALLMENT

Advance Tax: AY 2022-23

For the financial year 1.04.2021 to 31.03.2022 i.e. AY 2022-23 :

Second Installment of ADVANCE TAX for the FY 2021-22 is due on 15.09.2021

45% of the estimated tax liability is to be paid on or before 15.09.2021.

Pay on time and avoid levy of penal interest.

If advance tax to be paid Contact at office Mobile No. 93745 36342 for CHALLAN at the earliest.

CA Raju Shah

Non renewed Fixed Deposits to attract less interest – RBI Directions

RBI has revised its Instruction with respect to where a Fixed / Term Deposit matures and remains unpaid/unclaimed 

As per the existing instruction, if a Term Deposit matures and proceeds are unpaid, the amount of left unclaimed with the bank shall attract rate of interest as applicable to savings deposits.

However, as per RBI revised instructions, if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured Term Deposit, whichever is lower.

RBI/2021-22/66

DoR.SPE.REC.29/13.03.00/2021-2022 July 02, 2021

All Scheduled Commercial Banks (including RRBs)

All Small Finance Banks

All Local Area Banks

All Primary (Urban) Co-operative Banks/ District Central Co-operative Banks/

State Co-operative Banks

Dear Sir / Madam,

Review of Instructions on Interest on overdue domestic deposits

Please refer to Section 9 (b) of Master Direction – Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 dated March 3, 2016, and the Master Direction -Reserve Bank of India (Co-operative Banks- Interest Rate on Deposits) Directions, 2016 dated May 12, 2016 in terms of which if a Term Deposit matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings deposits.

2. On a review of these instructions, it has been decided that if a Term Deposit (TD) matures and proceeds are unpaid, the amount left unclaimed with the bank shall attract rate of interest as applicable to savings account or the contracted rate of interest on the matured TD, whichever is lower.

3. The relevant section of Master Directions are amended accordingly as indicated in the Annex.

Yours faithfully,

(Thomas Mathew)

Chief General Manager

ANNEX

Amendments to Master Directions

Sl. No.Existing SectionAmended Section  
A. Master Direction – Reserve Bank of India (Interest Rate on Deposits) Directions, 2016 dated March 03, 2016 (Updated as on February 22, 2019)
Section 9 (b)  Interest on overdue domestic deposits  Interest on overdue domestic deposits
 If a Term Deposit matures and  proceeds are unpaid, the amount left  unclaimed with the bank shall attract  rate of interest as applicable to savings  deposits.  If a Term Deposit (TD) matures and proceeds are unpaid, the amount left  unclaimed with the bank shall attract  rate of interest as applicable to  savings account or the contracted rate  of interest on the matured TD,  whichever is lower.  
B. Master Direction – Reserve Bank of India (Co-operative Banks- Interest Rate on Deposits) Directions, 2016 dated May 12, 2016  
Section 9 (b)  Interest on overdue domestic deposits  Interest on overdue domestic deposits  
 If a term deposit matures and proceeds  are unpaid, the amount left unclaimed  with the co-operative bank shall attract  rate of interest as applicable to savings deposits  If a Term Deposit (TD) matures and  proceeds are unpaid, the amount left  unclaimed with the co-operative bank shall attract rate of interest as  applicable to savings account or the contracted rate of interest on the  matured TD, whichever is lower    

TDS on purchase of Goods under section 194Q of Income-tax Act, 1961

CBDT has  vide Circular No. 13 of 2021 dated 30/06/2021 issued clarification on section 194Q and interplay of Section 194Q, 206C(1H) AND 194O.

Key Points:

1. TDS on Amount Excluding GST
TDS under section 194Q should be deducted exclusive of GST, if charged separately. However for TCS on sale of goods – section 206C(1H), GST is to be included.  In case, tax is deducted on advance payment or on paid basis, tax has to be withheld on the amount including Gst since at that point of time, it is not possible to segregate the Gst from invoice for goods.

2. Purchase Return
In case of purchase return where TDS u/s. 194Q was done at the time of purchase, TDS deduction is allowed to be adjusted against future supply of goods by the same seller. In case the goods are replaced by the seller for the same value, there is no need of any further adjustment.

3. Computation of Turnover limit
Turnover/ Gross receipts of 10 cror of buyer for applicability of this section 194Q will mean Turnover/ Gross receipts in business only/ from business carried on by him. Hence, receipts by way of rent, interest, capital gain etc if not considered as business income, are not to be included in calculating the threshold of Rs.10 crores.

4. Cut off Transactions

TDS liability u/s. 194Q is either on payment or credit whichever is earlier. Therefore, if either of two events happened before 1st July, 2021, that transaction would not be subjected to provisions of Sec. 194Q of the Act.

5. No TDS if tax already collected by seller u/s. 206C(1H)
If tax has been collected by the seller under sub-section (I H) of section 206C of the Act, before the buyer could deduct tax under section 194-Q of the Act on the same transaction, such transaction would not be subjected to tax deduction again by the buyer.

6. Not Apply in First year of incorporation
The provision of Section 194Q shall not to apply in first year of an entity, as there is no turnover / gross receipts in the preceding year since the entity was not in existence.

7. No TDS on import of goods
Non-resident without permanent establishment are not covered under the ambit of section 194Q. Thus, no TDS deduction on the import of goods.

7. Exemption from TDS u/s. 194Q
(a) Transactions in securities and commodities through defined recognised stock exchanges and recognised clearing corporations located in IFSC

(b) Transactions in electricity, renewable energy certificates and energy saving certificates traded through power exchanges. However kindly note that purchase of electricity which has been held as goods by Hon’ble SC is tax deductible u/s 194Q.

(c) The provisions of Section 194Q of the Act shall not apply on purchase of goods from a person, being a seller, who as a person is exempt from income tax

TDS norms from July 1, 2021

Rules mandate tax deduction at a higher rate in case I-T returns are not filed by specified persons.

The Finance Act 2021 amended rules relating to tax deducted at source come into effect from July 1. These rules mandate tax deduction or tax collection at a higher rate in case the income tax returns are not filed by certain specified persons.  

New provisions introduced in the Union budget 2021-22 come into effect from July 1. as per the new provision the tax deductor/collector is required to check if the income earner has filed the returns for the previous two years if the amount of TDS deducted is 50,000 or more.

The new income tax portal has provided the facility to check by entering the PAN numbers. If the returns have not been filed, then the TDS deducted will be double the existing TDS rate or at rate of 5%, whichever is higher.

Does the new TDS norm apply to all categories?

No. Salary income, provident fund payments, TDS on lottery and horse racing have been excluded.

Since it kicks in from July 1, returns of which year would be checked?

Since the norms are effective from July 1, the previous financial years of 2018-19 and 2019-20 will be considered for checking the return filing for the transactions in current financial year 2021-22.

As a taxpayer, why should I be concerned about these new TDS norms?

The new provision will play a key role in making society more tax compliant and will also facilitate businesses in checking the compliance in a very easy manner. Hence, taxpayers are advised to regularly file the return of income every year to avoid extra tax through the increased rates of TDS in the new provisions.

NPS new withdrawal rules

NPS, as we know, is a government-run investment scheme that gives the subscriber the option to set the preferred allocation to different asset classes. It offers two kinds of accounts — Tier 1 and Tier 2 — for instruments including government bonds, equity market and corporate debt.

The Pension Fund Regulatory and Development Authority (PFRDA) has recently allowed the National Pension System (NPS) subscribers to withdraw the full contributions in one go without purchasing annuity if the pension corpus is equal to or less than Rs 5 lakh.

In simple words, this means that subscribers can withdraw their entire money at one go if the pension corpus is up to Rs 5 lakh.

At present, beneficiaries can withdraw up to Rs 2 lakh from their NPS account. Beyond this limit, the pensioners can withdraw 60 percent of the contributions. At least 40 percent of the contributions have to be mandatorily parked in government-approved annuities, according to the current rule.

Currently, it allows investors to prematurely withdraw only after the completion of three years, where the withdrawal amount cannot exceed 25 percent of contributions made by the subscribers.

Withdrawal is allowed only against the specified reasons, for example—higher education of children, the marriage of children, for the purchase/construction of the residential house (in specified conditions) and for treatment of critical illnesses.

The subscribers can make a partial withdrawal a maximum of three times during the entire tenure of subscription under NPS. The partial withdrawal request can be initiated online by the subscriber.

Additionally, PFRDA has increased the maximum age of entry into the NPS from 65 to 70. The exit age limit has also been extended to 75 years.

In a gazette notification, the pension regulator has also stated that the premature withdrawal limit on a lumpsum basis for NPS has been increased to Rs 2.5 lakh from Rs 1 lakh.

ADVANCE TAX FOR AY 2022-23

Advance Tax : AY 2022-23

For the financial year 1.04.2021 to 31.03.2022 i.e. AY 2022-23 :

First Installment of ADVANCE TAX for the FY 2021-22 is due on 15.06.2021

15% of estimated tax is to be paid on or before 15.06.2021

Pay on time and avoid levy of penal interest.

If advance tax to be paid Contact at office Mobile No. 93745 36342 for CHALLAN at the earliest.

CA Raju Shah